Quikr triples revenues of real estate vertical in last 12 months

The company claims that their strategy of offering transactional models on top of its large classifieds base is delivering ‘strong’ results.

Online classifieds platform Quikr has tripled the revenue of its real estate vertical in the last 12 months with on track to grow over 100% in the next one year, said the company today. The real estate vertical has also reached profitability riding on the back of its revenue contribution, which was around 35% of the company’s overall revenues last year.

This is the second vertical to have touched profitability after QuikrJobs which broke even in FY17.

Quikr has two transactional real estate businesses, a co-living business offering and a brokerage business for home buying.

The company claims that their strategy of offering transactional models on top of its large classifieds base is delivering ‘strong’ results.

“Both transactional and classifieds parts of our business are experiencing steep growth due to their symbiotic relationship,” said Pranay Chulet, founder and chief executive of Quikr. “On one hand, we have seen rapid growth by funneling large demand and supply into transactions streams, and on the other hand, our classifieds customers have also been expanding their relationship with Quikr as a result of more complete offering."

This development comes several months after Quikr acquired HDFC’s realty brokerage business HDFC Realty and its digital real estate business HDFC Developers which owns HDFC Red.

Quikr’s acquisition of HDFC Red and HDFC Realty is the second largest such deal, for the Bengaluru-based firm in the real estate vertical after it bought CommonFloor for about $120 million in 2015. With this, Quikr has completed 5 acquisitions for its real estate business - its biggest in terms of revenues.

The company concluded FY18 at an annualised run rate of $50 million and expect to double the number this year.

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